ING Groep NV Purchases 77,171 Shares of Target Corporation (NYSE:TGT)

Key Points

• ING Groep NV significantly increased its stake in Target Corporation by 189.0%, owning 118,009 shares worth $12.3 million after purchasing an additional 77,171 shares in the first quarter.
• Target's recent quarterly earnings report showed an EPS of $1.30, falling short of estimates, with revenue down 2.8% year-over-year at $24.20 billion.
• Insider Brian C. Cornell sold 45,000 shares for over $4.3 million, reducing his ownership stake by 15.44%.

ING Groep NV raised its position in shares of Target Corporation (NYSE:TGT - Free Report) by 189.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,009 shares of the retailer's stock after buying an additional 77,171 shares during the quarter. ING Groep NV's holdings in Target were worth $12,315,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TGT. Bernard Wealth Management Corp. bought a new stake in shares of Target in the 4th quarter valued at approximately $30,000. Legacy Investment Solutions LLC lifted its stake in shares of Target by 47.5% in the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock valued at $35,000 after purchasing an additional 85 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of Target in the 4th quarter valued at approximately $40,000. Bellwether Advisors LLC bought a new stake in shares of Target in the 4th quarter valued at approximately $47,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Target in the 4th quarter valued at approximately $49,000. Hedge funds and other institutional investors own 79.73% of the company's stock.

Target Stock Up 2.9%

Shares of TGT traded up $3.01 during trading hours on Wednesday, reaching $105.44. 6,303,788 shares of the stock traded hands, compared to its average volume of 4,874,617. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96. The stock has a fifty day simple moving average of $100.16 and a 200 day simple moving average of $106.72. Target Corporation has a 52 week low of $87.35 and a 52 week high of $167.40. The company has a market cap of $47.91 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 2.93 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). The company had revenue of $24.20 billion for the quarter, compared to analysts' expectations of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $2.03 EPS. On average, equities analysts forecast that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, August 13th. Target's payout ratio is presently 49.23%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TGT shares. Loop Capital set a $95.00 price target on Target in a research note on Thursday, July 17th. DA Davidson decreased their target price on Target from $140.00 to $125.00 and set a "buy" rating for the company in a research report on Thursday, May 22nd. Sanford C. Bernstein lowered Target from a "market perform" rating to an "underperform" rating and decreased their target price for the company from $97.00 to $82.00 in a research report on Monday, May 12th. Wall Street Zen lowered Target from a "buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Finally, The Goldman Sachs Group decreased their target price on Target from $101.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $115.65.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the sale, the insider directly owned 246,453 shares in the company, valued at approximately $23,703,849.54. The trade was a 15.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company's stock.

Target Company Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.